The top was called by these same principles and TSLA has operated very well with these technical principles since it began its trending pattern last year.
Tesla is finding it harder and harder to stay afloat up here as sellers are keeping a lid on price and now time has built "lower" by spending more time around the 237 level than it did at the 251 level where it spent 7 days.
The way for TSLA to recover and prove that it is ACCUMULATING and not distributing is for it to climb back on top of the level marked with a "10" at the 237 level. Once it can spend an entire session above 237, then it will be back in a strong position to make further upside progress. For now, TSLA shares are having a tough time as sellers and perhaps SHORT sellers are having another attempt at re-establishing their positions.
Again, today may be day "1" of a 10-day decline. Stay on the sidelines if you are a buyer or unless TSLA can climb back above 237 and stay above 237 for an entire session. The green, long term rising "speed lines" hopefully will give us another entry level to get long TSLA again.
In the meantime, happy shorting. Use the blue box for reference in both time and price.
Tim 10:50AM EST 3/21/2014 230.53 last TSLA